ONGC Videsh Ltd is aiming to double its investment in Africa over the next 3-4 years, the company’s Managing Director N K Verma said on Wednesday.
Addressing the India Africa Business Forum, Verma said, “ONGC Videsh has invested around $8 billion in Africa so far. We aim to double this investment over the next 3-4 years. We are willing to invest in both upstream and downstream projects but there is a need to resolve the prevalent challenges in the system to spur investment growth.”
ONGC Videsh is currently scouting for oil & gas opportunities in Angola, Algeria and Equatorial Guinea.
“We need adequate compensation to invest in Africa due to the low oil prices and geographical risks,” he added.
ONGC Videsh has interests in oil and gas assets in Mozambique, Libya, Sudan and South Sudan.
Also speaking at the event, Inoge Wina, Vice-President of Zambia said that Africa would benefit immensely from Indian energy companies setting up operations in the continent. She also assured Indian firms that an environment enabling them to thrive will be provided.
Namibia’s Minister of Mines and Energy Obeth Kandjoze said the focus of Namibia is on developing domestic power generation plants. He also said that his country offers a conducive environment for foreign investors with its liberal policies, repatriation of capital, access to foreign exchange, provision of arbitration, fair compensation in case of legal disputes and equal treatment to foreign and local players.
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